A new survey has found that only 16% of consumers believe the system of buying a home is transparent for purchasers.
Almost four in five consumers also think estate agents should share answers to questions other potential buyers ask.
The report is based on research conducted by the Competition and Consumer Protection Commission (CCPC) during 2024/25, as well as an online questionnaire of 1,007 past, present and aspirational homeowners, who were surveyed by Ipsos B&A.
It said a lack of information is leaving buyers "confused, frustrated and in limbo due to lengthy delays".
According to the report, friends and family were the most trusted source of information for consumers at 79%, followed by buyers' solicitors and engineers at 78% and 73%.
Respondents said sellers and estate agents were trusted the least, at 16% and 22%, respectively.
The research also showed that consumers want more information earlier in the process, with 78% agreeing that if a potential buyer asks a question about a property, the estate agent should have to identify and disclose the information to other buyers.
Almost 30% of homeowners discovered something after the sale that they wished they had known about the property, its contents or the surrounding area before buying their home.
The survey said over half (57%) of those who made such a discovery reported that they would have lowered their offer or withdrawn completely if they knew about the issue before the sale closed.
The CCPC is calling for more transparency in the homebuying process and for information to be made more accessible to buyers earlier in the process.
It has made a number of recommendations aimed at making improvements.
They include calling on the Government to legislate for the requirement of pre-sale information to avoid delays and possible sales falling through, and to create a new conveyancing profession to enhance the efficiency of the legal process.
It is also asking the Government to consolidate key location-based information from public bodies and present it to buyers in a more accessible way.
CCPC Director of Research, Advocacy and International Simon Barry said buying a home is "usually the biggest financial decision someone will make in their lifetime".
He said it can also be "an incredibly complicated and lengthy process".
"Our research shows that homebuyers find it difficult to know what questions to ask and aren’t sure where to find the information they need," he added.
Mr Barry said the legal principle of 'buyer beware’ puts the responsibility of gathering the necessary information about a property into the buyer’s hands.
"Therefore, the CCPC is calling for that information to be more accessible to buyers much earlier in the process. This will empower them to make more informed decisions," he said.
The CCPC also said it will enhance its homebuyers guide and include advice on what questions to ask at various points in the process, following the survey.
It said it will also develop guidance for estate agents and developers that will help provide more and better information to homebuyers.
